How do I create a currency account in Mamut?

If you use foreign currency accounts within your business, it is possible to create these accounts within Mamut. This can simplify the process of international operations.

NB! This functionality is only available in Mamut Enterprise E5.

Here's what to do:

1. Click on View - Accounting - Chart of accounts.

2. Click on New (Ctrl+N).

3. Enter the account number of the account you wish to create, for example 1215.

4. Click OK.

5. Enter the name you wish to give the account.

6. Select the Advanced tab.

7. From the dropdown list provided, select the appropriate Currency.

8. Mark the tick boxes for Bank/Petty cash.

9. Check that all the details for the account are correct.

10. Click on Save.

If you wish at a later date to reconcile this account against your bank statements, you may do so by clicking on the Bank reconciliation option under the advanced tab. You may run a reconciliation at any time by going to View - Accounting - Bank Reconciliation

In order to see the balances and transactions of any foreign currency account you may print the report Currency account printout. This report will give you a full overview of all transactions relating to this account, in both your currency and that of the account. The report can be found by selecting File - Print - Accounting - Currency account printout.

Once you have set up the account with foreign currency, Mamut will always calculate the customer balances in your currency. It is important to set the exchange rate within your system to reflect the exchange rate you wish to use. This can be done by going to View - Accounting - Currency.

NB: A currency account cannot be used in the Double Entry N\C column in Journal Entry